| Originally posted by :Suresh | ||
| " | Originally posted by :Guest " AFTER RECEIPT OF FOREIGN MONEY , HOW LONG WE CAN WAIT TO ALLOT SHARES . IS THERE ANY MAXIUM PERIOD WHETHER FCGPR IS TO BE FILED ONLY AFTER THE ALLOT MENT OF SHARES TO THE APPLICANTS IF THE COMPANY TAKES THREE TO SIX MONTHS TIME, WHETHER IT CAN WAIT TO FILE FCGPR TILL THE DATE KINDLY CLARIFY " Dear friend, Intimation to RBI is required to be submitted within 01 month from date of receipt. The FDI is to be allotted within 06 month from date of its receipt. Intimation to RBI through agent within 01 month from date of allotment. Regards, SK Rohilla 9899221170 |
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There is TWO times reporting requirment to RBI.
( 1) An intimation to State Regional Office of RBI ( say in Mumbai it is locatedin BKC) within 30 days of receipt of fund.That means within 30 days of date In FIRC you need to intimate RBI above office.
(2) File FC-GPR form A to RBI above office within 30 days from the date of allotment of shares to foreign investor.
But Remember the allotment of shares shuld be done within 180 days from the date of fund received that means within 180 days from the date of FIRC the share should alloted.Otherwise the money needs to pay back. immediately
Not fullfilling of avove time period is violation of FEMA and the matter will be go for Compounding where the Indian Company will be heavily penalised.
FCGPR form B will be annually filed to Central office of RBI located in Horniman Circle Mumbai
All application can be done through your Authorised Dealer bank.Also U can submit FCGPR B directly to RBI Central Office to avoid delay.alongwith You need to comply with Sectorial Cap limits as prescribed in FDI guidelines
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